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PHDC - Palm Hills Developments News Story

$5.1 0.0  0.0%

Last Trade - 04/04/18

Sector
Financials
Size
Micro Cap
Market Cap £14.6m
Enterprise Value £219.0m
Revenue £241.7m
Position in Universe th / 1818

Palm Hills Develop - GM Statement

Wed 19th August, 2020 1:30pm
RNS Number : 6144W
Palm Hills Developments S.A.E.
19 August 2020
 

PHD's Shareholders approve all proposals of the Board of Directors

 

Cairo/London, August 19, 2020: Palm Hills Developments ("PHD" or "the Company") held an Ordinary and Extraordinary Shareholders' Meetings ("the Meetings") on August 18, 2020 at 3:00 pm and 4:00 pm Cairo local time, via remote voting using electronic voting technology. All resolutions put forward by the Board of Directors were approved by absolute majority. The attending number of shares represented 1,903,704,337 shares or 61.78% of issued share capital (after excluding treasury shares).

 

Ordinary Shareholders Meeting Resolutions:

 

1.  Ratified the Board of Directors' decision dated on June 25, 2020 regarding acceptance of the resignation of Mr. Mohamed Mahmoud Fahmy, member of the Board of Directors and Chief Operating Officer.

2.  Ratified the Board of Directors' decision regarding the appointment of Mr. Tarek Mohamed Salah El-Din Mohamed Tantawi as a Board Member representing CI Capital Holding for Financial Investments instead of the resigning Board Member.

3.  Approved the Delegation the Board of Directors' to conclude a contract through one of PHD's subsidiaries with Taleem Services Management Company with the purpose of establishing a private university in "Badya" project.

 

Extraordinary Shareholders Meeting Resolutions:

 

1.  Approved the delisting of Company's Global Depository Receipts program and canceling the international certificate of deposit from the London Stock Exchange.

2.  Approved the Chairman's delegation or any other representative to take necessary actions and obtain the required approvals from all the concerned authorities in that regards.

 

 

 

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About Palm Hills Developments

 

Palm Hills Developments ("PHD"), a leading real estate developer in Egypt, is a joint stock company established in 1997. The Company builds integrated communities and has one of the most diversified land bank portfolios, spreading over 42.3 million square meters ("sqm"). PHD's product offerings include primary homes on both West Cairo and East Cairo, as well as secondary homes in the North Coast (Mediterranean Sea) and Ain Sokhna (Red Sea).

 

As at end of 1Q2020, PHD delivered 10,746 units within its developments. Today, PHD has 9 projects under development, 3 projects in West Cairo, 3 projects in East Cairo and 3 projects in the North Coast and Alexandria, in addition to 7 new projects including 6 co-developments, translating into a sales backlog of c.EGP15 billion. PHD is one of the most liquid and actively traded stocks on the Egyptian Stock Exchange and is traded under the symbol "PHDC.CA". The Company has a GDR listing on the London Stock Exchange and is traded under the symbol "PHDC.LI".  For more information, please visit:

www.palmhillsdevelopments.com

 

Investor Relations Contacts

Mamdouh Abdelwahab

Radwa Abu Elnaga

Tel +202 35351200, Extension 1504

Investor.relations@phdint.com   

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
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